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Warren Buffett's Tips For Getting Rich

10 Tips For Getting Rich From Warren Buffett

The wealthiest man in the world is self-made billionaire Warren Buffett, and the $62 billion dollar man was gracious enough to sit down with Parade and discuss his 10 best tips for getting rich. I'm inspired by Buffett's entrepreneurial spirit and tenacity for success; here are his five tips I like best.

  1. Reinvest your profits. In high school, Buffett and a friend bought a pin-ball machine for a barbershop. They took their profits from that first investment and bought more machines for different shops, and Buffett took his proceeds to invest in stocks and a small business. By the time he was 26 he'd amassed $174,000, the equivalent of $1.4 million today.
  2. Watch small expenses. Be aware and cautious with your spending, and your paycheck will go much further.
  3. Limit what you borrow. Buffett's advice: Negotiate with creditors to pay what you can. Then, when you’re debt-free, work on saving some money that you can use to invest.

See two more of Warren Buffett's tips when you

.

  1. Be persistent.We've talked about this before, and it's a point that Buffett includes in his top ten tips: With tenacity and ingenuity, you can win against a more established competitor.
  2. Assess the risks. Consider the worst and best case scenarios when making a difficult choice; seeing the consequences clearly will lead you to the smartest decision.

Source

Join The Conversation
Matamoros Matamoros 8 years
I must be getting worse at math. I counted only 5 tips. I made most of my money via luck - the property markets in the European city where I invested skyrocketed. Even if they crash by half I can sell out and retire. There was just no foreseeing that.
krystalkupkake krystalkupkake 8 years
i recon that it is true that the little thing can add up soooo fast coz i only 13 and i still go to school i get $50 a week and i might only spend $30 but i still spend lots of my pocket money in the school canteen p.s i'm from auzzie land!
ilanac13 ilanac13 8 years
i think that it's great to listen to the words of this man and heed some of it. i think that for myself - i'm really starting to be more aware of things and i've realized that i've started to implement some of those things in my life before reading it and i know now that at least i'm on the right track.
lawchick lawchick 8 years
I do that too, jacrabbit -- I make GOOD coffee at home and then it doesn't feel like a sacrifice, though I'm sure the money saved adds up!
thelorax thelorax 8 years
You don't have to give up the morning coffee/bagel treat...I brew my coffee and toast a bagel or bake something at home & bring them to work with me. Even if you buy delicious, high quality brands, it's still going to be cheaper than stopping at a coffee shop!
museanima museanima 8 years
I go through the small expenses frustration all the time. Does my morning coffee and bagel make me as happy as I would be if I saved that $5?
popgoestheworld popgoestheworld 8 years
Keep enjoying your morning coffee! I think most people aren't out to be the richest people in the world. I like to balance enjoying my life with saving some money. It might make me retire with a few thousand less, but at least I'll enjoy the years leading up to my retirement :)
thelorax thelorax 8 years
The small expenses are definitely a killer, those can add up SO FAST.
SugarKat SugarKat 8 years
I hear ya Warren, but my morning coffee's just so nice. (#2) I don't have profits so that a moot point also...
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